… Former CEO recalls deferred salaries, a 20-man workforce, and the people-first culture that powered the telecoms firm’s remarkable recovery.
Rashidat O. Okunlade Writes | Lagos
Former Pan African Towers Managing Director and Chief Executive Officer, Mr. Azeez Amida, has offered a rare personal account of the intense turnaround that rescued the telecommunications infrastructure company from near insolvency and ultimately delivered a multi-million-dollar windfall for its original shareholders.
In a detailed recollection of his tenure, Amida described taking the helm at a period of acute financial distress, when salary payments were erratic, staff were exiting in droves, and the workforce had dwindled to barely 20 full-time employees, all while managing what he termed a “$10 million operation.”
According to Amida, the company’s financial pressures were so severe that interest payments and diesel expenses at certain points outstripped total revenue. He disclosed that on several occasions, he deferred his own benefits to ensure that employees received their salaries, a decision he described as a necessary act of leadership during the crisis.
From Stabilisation to Exponential Growth
The gamble paid off. Under Amida’s stewardship, the company not only stabilised its operations but also ended the chronic salary delays that had plagued the organisation. The workforce expanded significantly, growing from the initial 20 staff to over 100 employees.
Amida highlighted an exceptional period of employee retention, revealing that the firm went for more than a year without losing a single staff member, excluding those who left for career opportunities they deemed too substantial to decline. He attributed this loyalty to a deliberate cultural shift within the organisation.
“It should feel like home,” Amida said, articulating his leadership philosophy. He argued that regardless of an individual’s position, influence, or success within a company, treating colleagues with respect remains one of the most critical responsibilities of leadership.
The Financial Payoff
The operational turnaround culminated in a strategic management buyout (MBO) that delivered an exit for the original shareholders at more than 10 times their initial investment.
For Amida, however, the financial outcome was secondary to the lesson in human capital. He described the experience as fundamentally reshaping his understanding of what a workplace should represent, moving away from rigid hierarchy and command structures toward a shared objective and common ground.
Legal Clouds Linger
Amida’s reflections come at a time when Pan African Towers remains embroiled in several legal disputes concerning its ownership, governance, and management. While the former CEO’s account provides a personal perspective on the transformation that occurred during his tenure, the competing claims regarding the company’s subsequent operations are still pending before the courts.
The judiciary is ultimately expected to determine the merits of the respective claims in the ongoing proceedings.
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Rashidat Olushola Okunlade
Publisher/Editor in-Chief BusinessEcho Magazine Print monthly and ROTAMediaNews Digital Newspaper publication
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